NZ Funds Managed Portfolio Service Security Listings 31 March 2018

Transcription

1 NZ Funds Managed Portfolio Service Security Listings 31 March 2018

2 Product Disclosure Statement New Zealand Funds Management Limited is the issuer of the NZ Funds Managed Portfolio Service. The Product Disclosure Statement and the Disclose Register contain important information to help you to understand how your money is managed and the risks associated with investing. For further information or to request a copy of the NZ Funds Managed Portfolio Service Product Disclosure Statement, please contact New Zealand Funds Management Limited or visit our website at Even if you have invested with NZ Funds for many years, please take the time to read these documents regularly as the content is frequently updated. Important Legal Information Please note that these Security Listings have been provided for information purposes only. The content of this document is not intended as a substitute for specific professional advice on investments, financial planning or any other matter.

3 Core Cash Portfolio strategy / security yield 1 credit rating cash and cash equivalents 100.0% $48,534,675 Bank deposits 2.0% n/a 1.0% $490,333 Westpac 32 day term deposit 2.6% A % $25,294,101 Kiwibank bank bill 26/04/ % A % $5,193,317 BNZ bank bill 23/05/ % A % $3,704,188 ASB bank bill 21/06/ % A % $3,698,261 BNZ bank bill 26/04/ % A % $1,854,756 BNZ bank bill 30/04/ % A % $1,854,371 ASB bank bill 10/04/ % A % $1,485,027 ASB bank bill 30/04/ % A % $1,483,497 Kiwibank bank bill 14/05/ % A-1 3.1% $1,482,394 Kiwibank bank bill 09/04/ % A-1 2.3% $1,113,827 ASB bank bill 23/04/ % A % $1,113,025 Net receivables 2 n/a n/a -0.5% -$232,423 total economic exposure % $48,534, The yield is not the actual return of the, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds. 2. Net receivables include unrealised profit and loss and net receivables/payables. 3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct

4 Core Income Portfolio strategy / security yield 1 credit rating cash and cash equivalents 6.8% $8,531,388 australasian bonds 93.2% $117,036,513 Westpac Banking 4.695% 01/09/ % BBB 8.6% $10,751,900 Insurance Australia Group 5.15% 15/06/ % BBB 8.2% $10,293,507 BlueScope Steel Finance USA 6.5% 15/05/ % BB+ 8.2% $10,257,229 Woodside Finance 3.7% 15/09/ % BBB+ 6.8% $8,594,132 Meridian Energy 4.88% 20/03/ % BBB+ 6.7% $8,410,628 ANZ National Bank 5.28% perpetual 12.8% BBB 6.2% $7,722,591 Mercury NZ 6.9% 11/07/ % BB+ 6.1% $7,610,167 Crown Subordinated Notes 23/04/ % NR 5.7% $7,184,784 Infratil 5.5% 15/06/ % NR 5.4% $6,741,391 Trustpower 4.01% 15/12/ % NR 3.8% $4,829,976 Z Energy 4.01% 01/11/ % NR 3.8% $4,794,666 Fletcher Building Industries 5.8% 15/03/ % NR 3.7% $4,638,787 Qantas Airways 4.75% 12/10/ % BBB- 3.7% $4,635,168 Bank of New Zealand 4.102% 15/06/ % AA- 3.6% $4,557,335 NEXTDC 6.25% 09/06/ % NR 3.2% $4,065,027 Fletcher Building Industries 4.75% 15/03/ % NR 2.9% $3,621,378 Property for Industry 4.59% 28/11/ % NR 2.6% $3,243,757 Precinct Properties New Zealand 4.42% 27/11/ % NR 2.2% $2,804,656 University of Canterbury 7.25% 15/12/ % NR 1.8% $2,279,433 total economic exposure % $125,567,901 foreign currency exposure 10.2% $12,758, The yield is not the actual return of the, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds. 2. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct

5 Global Income Portfolio strategy / security yield 1 credit rating cash and cash equivalents 14.5% $16,719,620 international bonds 88.4% $102,268,234 Flex 5% 15/02/ % BBB- 10.1% $11,653,459 HCA 4.75% 05/01/23 4.1% BBB- 10.0% $11,614,118 First Data 5% 15/01/ % BB 9.4% $10,833,254 Valeant Pharmaceuticals International 5.5% 01/11/ % BB- 7.6% $8,732,868 Devon Energy 5.85% 15/12/ % BBB 7.1% $8,171,798 Verizon Communications 2.625% 15/08/ % BBB+ 6.8% $7,848,242 NRG Energy 6.625% 15/01/ % BB- 6.7% $7,795,273 Constellation Brands 4.75% 01/12/ % BBB- 6.4% $7,428,035 Southern Copper 7.50% 27/07/ % BBB 6.4% $7,361,000 Seagate HDD Cayman 4.875% 01/03/ % BB+ 6.3% $7,249,386 Wells Fargo Co 3.55% 29/09/ % A- 5.8% $6,697,850 EOG Resources 4.15% 15/01/ % BBB+ 4.5% $5,207,587 Credit default swaps - Market value 2 n/a n/a 1.4% $1,675,366 total economic exposure % $118,987,854 foreign currency exposure 9.8% $11,293, The yield is not the actual return of the, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds. 2. Credit default swaps notional value is currently $24,986, Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds.

6 Core Inflation Portfolio strategy / security 1 yield 2 cash and cash equivalents 5.7% $6,251,955 international bonds 22.8% $25,015,130 Floating Rate and Perpetual Bond Strategy 6.0% 22.8% $25,015,130 australasian shares 73.7% $80,781,122 Dividend and Growth Strategy 5.2% 73.7% $80,781,122 total economic exposure % $112,048,207 foreign currency exposure 8.3% $9,100, Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct

7 Property Inflation Portfolio strategy / security 1 yield 2 cash and cash equivalents 12.2% $10,621,495 international bonds 17.7% $15,361,331 Floating Rate and Perpetual Bond Strategy 6.0% 16.8% $14,546,108 Credit default swaps - Market value 3 n/a 0.9% $815,223 australasian shares 36.6% $31,712,435 Chorus 7.8% 5.1% $4,461,097 Metlifecare 1.9% 4.1% $3,561,381 Goodman Property Trust 5.4% 4.0% $3,467,738 Property For Industry 4.8% 3.8% $3,330,520 Kiwi Property Group Ltd 5.9% 3.8% $3,298,795 Vital Healthcare Property Trust 4.7% 3.6% $3,120,701 Precinct Properties New Zealand 5.2% 3.5% $3,051,578 Investore Property 6.8% 3.3% $2,871,869 Stride Property Group 7.1% 2.9% $2,550,692 Goodman Group 3.5% 2.3% $1,998,064 international shares 34.5% $29,930,551 CaixaBank 7.7% 4.7% $4,087,585 American Homes 4 Rent 0.7% 3.9% $3,408,219 Vonovia 6.1% 2.7% $2,380,595 Gecina 6.3% 2.6% $2,255,485 Dalata Hotel Group 3.2% 2.6% $2,216,632 Henderson Land Development 3.2% 2.4% $2,103, continues on next page

8 Property Inflation Portfolio strategy / security 1 yield 2 international shares (continued) Boston Properties 2.4% 2.4% $2,058,765 Simon Property Group 5.1% 2.3% $2,030,835 Cairn Homes 4.2% 2.3% $2,003,234 Public Storage 4.0% 2.3% $1,955,240 Unibail-Rodamco 8.8% 2.1% $1,846,700 Duke Realty 2.8% 2.1% $1,808,956 Avalonbay Communities Inc 3.4% 2.0% $1,775,012 alternative securities 0.8% $731,621 Universa Black Swan Protection Protocol n/a 0.8% $731,621 total economic exposure % $88,357,433 foreign currency exposure 22.0% $19,118, Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. Credit default swaps notional value is currently $43,043, Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct

9 Equity Inflation Portfolio strategy / security 1 yield 2 cash and cash equivalents 6.7% $6,073,612 international bonds 22.2% $19,977,743 Floating Rate and Perpetual Bond Strategy 6.0% 21.2% $19,103,636 Credit default swaps - Market value 3 n/a 1.0% $874,107 international shares 72.2% $65,149,307 Equity index/futures/(long) n/a 46.9% $42,300,107 Global Banking & Finance Index Strategy 1.8% 12.2% $11,020,805 Impala Resource Fund 0.0% 7.3% $6,609,862 Global Energy Index Strategy 4.9% 4.5% $4,090,194 Global Metal & Mining Index Strategy 3.8% 1.3% $1,128,339 alternative securities 0.8% $755,262 Universa Black Swan Protection Protocol n/a 0.8% $755,262 total economic exposure % $91,955,924 foreign currency exposure 21.9% $19,782, Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. Credit default swaps notional value is currently $46,152, Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct

10 Core Growth Portfolio strategy / security 1 yield 2 cash and cash equivalents 1.0% $816,303 international bonds 2.1% $1,708,292 Credit default swaps - Market value 3 n/a 2.1% $1,708,292 australasian shares 23.6% $19,259,481 Dividend and Growth Strategy 5.2% 23.6% $19,259,481 international shares 88.8% $72,463,028 Equity index futures (long) n/a 56.2% $45,889,622 Kynikos Global Capital Partners 0.0% 17.2% $14,057,776 Suvretta Offshore Fund 0.0% 15.3% $12,515,630 alternative securities 15.9% $13,016,129 ISAM Systematic Fund n/a 8.8% $7,169,877 H2O Global Feeder Fund Class C n/a 7.2% $5,846,252 total economic exposure % $107,263,232 foreign currency exposure 43.9% $35,814, Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. Credit default swaps notional value is currently $105,901, Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct Note: Rounding may affect any subtotals and totals

11 Global Multi-Asset Growth Portfolio strategy / security 1 yield 2 cash and cash equivalents 15.0% $4,052,325 international bonds 2.0% $540,250 Credit default swaps - Market value 3 n/a 2.0% $540,250 international shares 77.6% $20,934,743 Global Agriculture Index Strategy 3.3% 20.8% $5,618,833 Global Oil Index Strategy 5.0% 20.7% $5,593,245 Global Metal & Mining Index Strategy 3.8% 20.0% $5,381,604 Impala Resource Fund 0.0% 16.1% $4,341,061 alternative securities 9.4% $2,525,972 ISAM Systematic Fund n/a 8.3% $2,245,217 Universa Black Swan Protection Protocol n/a 1.0% $280,755 total economic exposure % $28,053,290 foreign currency exposure 37.0% $9,993, Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. Credit default swaps notional value is currently $28,525, Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct

12 Global Equity Growth Portfolio strategy / security 1 yield 2 cash and cash equivalents 1.0% $658,977 international bonds 1.8% $1,180,224 Credit default swaps - Market value 3 n/a 1.8% $1,180,224 international shares 99.7% $65,715,497 LSV Global Concentrated Fund 0.6% 70.5% $46,425,619 Equity index futures (long) n/a 29.3% $19,289,878 alternative securities 1.3% $849,991 Universa Black Swan Protection Protocol n/a 1.3% $849,991 total economic exposure % $68,404,689 foreign currency exposure 42.5% $28,010, Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. Credit default swaps notional value is currently $62,315, Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct

13 Dividend and Growth Portfolio strategy / security yield 1 cash and cash equivalents 1.8% $1,633,171 international bonds 1.5% $1,387,238 Credit default swaps - Market value 2 n/a 1.5% $1,387,238 australasian shares 99.7% $92,795,778 Rio Tinto PLC ADR 3 4.9% 11.8% $10,961,756 Chorus 7.8% 10.9% $10,183,405 Metlifecare 1.9% 10.2% $9,477,876 Meridian Energy 8.5% 8.7% $8,122,880 Trade Me 6.7% 7.0% $6,482,725 Australian futures index exposure n/a 6.9% $6,440,784 Woodside Petroleum 5.0% 5.4% $5,043,833 Z Energy 10.1% 4.2% $3,861,378 Trustpower 8.7% 4.1% $3,858,110 Murray Goulburn Unit Trust 0.0% 4.1% $3,788,366 Fisher & Paykel Healthcare 2.8% 3.7% $3,424,997 Nufarm 2.0% 3.2% $2,996,291 Tower 6.2% 3.1% $2,919, continues on next page

14 Dividend and Growth Portfolio (continued) strategy / security yield 1 australasian shares (continued) Spark New Zealand 9.9% 3.1% $2,914,346 Sky City Entertainment 6.3% 3.1% $2,864,950 Wesfarmers 5.2% 2.9% $2,734,493 Sanford 5.2% 2.8% $2,618,114 Michael Hill International 7.1% 2.0% $1,820,589 Amaysim Australia 0.0% 1.5% $1,429,785 Sky Network Television total return swap (short) n/a 0.9% $851,893 total economic exposure % $95,816,187 foreign currency exposure 9.4% $8,743, The yield calculation represents an estimate of the yield on the Portfolio, calculated using forecast dividends (Source: Bloomberg), NZ Funds' estimate of imputation credits where appropriate, and hedged back to New Zealand dollars where appropriate. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 2. Credit default swaps notional value is currently $76,791, The Rio Tinto PLC ADR is shown as an exposure to Australasian shares, as economically this holding provides a return equivalent to that of a Rio Tinto share which is an Australian share for asset classification purposes. 4. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct

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